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The IKEA Foundation has funded a global initiative with $100 million to accelerate the adoption of electric vehicles in developing countries to replace traditional gasoline vehicles with greener alternatives. The initiative is supported by the European Climate Foundation, among others.
The IKEA Foundation’s donation will be used to lobby for the transition to electric vehicles in Africa, Latin America and Southeast Asia. The move is aimed at ensuring that these emerging economies switch completely to electric vehicles by 2050, thereby reducing greenhouse gas emissions.
This donation will help address key barriers such as limited charging infrastructure and unfriendly policies to create better market conditions. The initiative is expected to help reduce CO2 emissions by approximately 43 gigatonnes by 2050.
(Source: Reuters Image source: Unsplash)
